Biden’s ‘Equity Economics’ Hits the Housing Market

If you needed any more proof that Obama is the puppet master of the current White House, look no further than the new “equity” rule Biden foisted upon the American people, sans any scrutiny or legislative process. For years, Democrats have decried “inequality”, when what they meant to bemoan was “inequity”. The hammer of “inequity” is about to drop on the people in this country viewed as “most responsible”, simply for working hard and paying their bills on time.

The Biden White House — and by extension its ring master, Obama —  is fully aware that the population hurt most by this new rule are white Americans, who average much higher credit scores altogether, than “people of color”, with the exception of Asian Americans, who have the highest average scores of any ethnic group, exceeding the average of white Americans. That is the way of Democrats, seeking to drive in wedges in-between Americans who would otherwise unite against their lunacy.

A new mortgage fee structure was just announced:

• 740 credit score pays a 1% fee.
• 620 credit score gets a 1.75% credit.
• 0 credit score gets a free house.

Time to declare bankruptcy.

— Douglas A. Boneparth (@dougboneparth) April 21, 2023

If you have ever purchased a home, you will know that it is a daunting task, even with the best credit and optimal outlook. It takes a lot of planning and careful attention, in particular, to one’s credit score. Some people work for years to pay down debt and increase that score, and now they will be punished for their foresight and perseverance.

The new rule that appears to be something straight out of the Obama playbook, dictates that those with a higher FICO/credit score (i.e. “white” people), be punished with a 1% surcharge on their loans, while those with subprime scores, will be given a 1.5% discount.

Welcome to Bidens 1984: a bad credit score is the best credit score. And the better your credit is, The worse your credit score is.
Bad credit is good credit.
Men are women.
Men can get pregnant.
Minors can consent.
Obesity is healthy.
Free speech threatens democracy.

— JP Sears (@AwakenWithJP) April 23, 2023

The New York Post said:
Starting May 1st, a Biden administration decree will require adjusting mortgage calculations to penalize homebuyers with a FICO credit score of 680 and above — almost two-thirds of the population.

This levy will be used to reduce costs for people with low credit scores — i.e., risky borrowers more likely to default on mortgages.

In layman’s terms, the “surcharge” on borrowers with better-to-best credit is supposed to help pay for the loans of those people who are more likely to default.

🚨Tucker's last monologue on Fox News EXPOSED Regime's plot for permanent power by punishing Americans using "credit score equity"

pic.twitter.com/j40vtBaOAd

— Benny Johnson (@bennyjohnson) April 25, 2023

It is the latest edict in a long list of “equity” rules dictated to the American people by this administration via Obama’s own preferred mode of “legislation” – the Executive Order.

We, apparently, have learned nothing from the 2008 housing market crash that (nearly) the very same powers that be caused, and this new “equity” rule, fully enacted, will make that crash look like an inconsequential lesson in “equity economics”.

To everyone who has worked to get and maintain good credit
SURPRISE SUCKERS

The Biden Administration is changing the game to penalize you.

If you have a credit score of 740+ you will pay an EXTRA 1% on your mortgage. Those with scores of 620 or LOWER will get a 1.75%.

It’s…

— Sean Spicer (@seanspicer) April 23, 2023